Thursday, 26 May 2022

Elon Musk decides not to join Twitter board despite buying chunk of the company

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Elon Musk has decided not to join the Twitter board despite buying a 9.2% share of the company.

The Tesla founder was appointed to the board on Tuesday (April 5) after it was announced he had invested in the social media giant.

The social media giant's CEO Parag Agrawal said the SpaceX founder relayed his decision on the morning he had been due to be officially appointed.

Parag said: "Elon is our biggest shareholder and we will remain open to his input."

Ever since Elon's stake in Twitter was revealed, the Tesla and SpaceX CEO has been publicly tweeting on his ideas for the company

He has since proposed a series of possible changes and criticisms to the platform.

These include allowing users to pay for its premium subscription service – Twitter Blue – with cryptocurrency.

Mr Agrawa wrote: "The Board and I had many discussions about Elon joining the board and with Elon directly. We were excited to collaborate and clear about the risks.

He posted a poll for whether Twitter should have an edit button the day before the company confirmed that it actually would add the long-requested feature.

"We also believe that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.

"Elon's appointment was to become officially effective 9/4 but Elon shared that same morning that he will no longer be joining the board.

"I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not.

"Elon is our biggest shareholder and we will remain open to his input."

It comes after Elon who's worth an estimated $273billion bought nearly 73.5 million shares.

Mr Musk also started a poll on his Twitter account asking whether the firm's San Francisco headquarters should be converted to a homeless shelter, as "no-one shows up (to work there)".

The poll got more 300,000 votes in an hour, with 90% answering "yes"

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